Business Tips

Price Stability and Nigeria's Exclusion in JP Morgan Bonds Index

The inclusion of Nigeria's bonds in JP Morgan's GBI-EM index in October 2012 was consequent on the CBN's removal of the one year minimum holding period for Nigerian government bonds imposed on foreign investors. Nigeria was included with a weight of 1.5% in the index which tracks around $183.8bn assets under management.

In January 2015, Nigeria was placed on Index Watch on account of lack of liquidity for FX transactions, lack of transparency in the determination of the exchange rate and lack of a fully functional two-way FX market.

Arik Air, MTN, Sahara Group, Others to List on the Nigerian Stock Exchange

News Alert: The Nigerian Stock Exchange on Monday said that some companies are preparing to list on the exchange, “with MTN, Arik Air and Sahara group already signifying their intentions.”

The NSE in a statement said, “As more companies prepare to list on the exchange, with MTN, Arik Air and Sahara group already signifying their intentions, it appears the NSE is prepared to leverage technology to continue to serves its growing clientele.”

Gas, oil imports cost $4bn – CBN

Data released by the Central Bank of Nigeria recently showed that the amount spent on oil and gas imports to the country increased by 50.2 per cent to $4.01bn in the second quarter of the year from $2.67bn in the first quarter.
During the ‘External Sector Development Report’ for the second quarter, which was released August 5th, the CBN ascribed the narrowing of the country’s present account surplus to higher import bills on gas and crude oil, among others.

Nigeria, Others Advised on New Financing Instruments

The International Monetary Fund has asked sub-Saharan African countries to make the most of new financing instruments and flows in addressing the infrastructural deficit in the area.
The IMF said in its latest Regional Economic Outlook for sub-Saharan Africa, that major barrier to addressing the continent’s infrastructure deficit does not generally appear to be a lack of financing, but rather capacity constraints in developing and implementing projects.

Debt Management Office Urges FG to Initiate Luxury Tax

The Debt Management Office has called on the Federal Government to initiate special taxes on luxury items enabling the country to generate sufficient revenue that will enable it have more borrowing space.
Speaking on the topic: ‘Implications of rebasing of the Gross Domestic Product for public debt management,” the Director-General, DMO, Dr. Abraham Nwankwo, decried the nation’s deteriorating revenue, saying even though the GDP had become higher, the country’s borrowing space was small.

Federal, State Governments Set to Improve Revenue Generation

The federal and state finance authorities have decided to work towards enlarging and improving revenue generation as a way of efficiently financing government expenditures.
The mutual resolve is meant to tackle the challenge of diminishing revenue occasioned by the continuing decline in oil prices and to also put an end to the problems in the oil and gas sector, especially the vandalism of installations and crude theft.

FIRS Resolves to Punish Banks over Tax Remittance Default

The Federal Inland Revenue Service (FIRS) has given a warning to banks that any bank that fails to forward tax collected from them public on their behalf would be punished accordingly.

The State Monitor, Government Business Tax Office, Mr. Akin Oluyide who said this while delivering a paper at a sensitization workshop on Tuesday, May 20, 2014, in Ibadan, said that banks which are found guilty of the offence would be charged with a huge interest and this interest depends on the duration at which the funds to be remitted is in their possession.

2013 Lagos Trade Fair: Why You Should Participate

Trade fairs are a high-impact method to disclose products, services and trends. Anywhere around the world, trade fair is a great stage for head to head, business-to-business communication for exhibitors and visitors from any branch of the industry.

Trade fairs provide an excellent opportunity to assess opinions from clients and determine market potential, conduct research and evaluate competition, develop commercial structures by identifying new agents and distributors, and initiating joint-ventures and project partnerships.